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Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax

Calculating Social Security and Medicare Taxes

Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations:

If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.

Cumul. Pay
Before Current
Weekly Payroll

Current
Gross Pay

Year-to-Date
Earnings

Soc. Sec.
Maximum
Amount
Over Max.
Soc. Sec.
Amount
Subject to
Soc. Sec.

Soc. Sec. Tax
Withheld
Medicare
Tax
Withheld
$ 22,000$1,700$$118,500
$$$
54,0004,200
118,500



115,9003,925
118,500$


117,9004,600
118,500

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